ECB’s Nagel: We Will Have to Reassess the Situation After US Tariff Announcement

3 April 2025

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Thursday that the ECB would have to recalibrate the situation after yesterday’s tariff announcement by the US.

In a statement issued by the Deutsche Bundesbank, which he heads, Nagel said that this decision ‘also puts monetary policy achievements to the test.’

‘We will have to reassess the situation in the Eurosystem’, he said.

New tariffs threaten stability in the world economy, according to Nagel, and ‘are putting the global economy on the wrong track.’

‘Wrong, because the result is that everyone’s prosperity is under attack’, he said.

World economic growth will decline as a result and there will be inflationary pressures, he said.

‘Overall, the level of uncertainty among economic players will increase’, he said. ‘Typically, this is not a good environment for developments on financial markets.’

Related articles:

• ECB’s de Guindos: ‘Need to Be Extremely Prudent When Determining the Appropriate Stance’
• ECB Insight: de Guindos Now Much More Cautious, Clearly Less Encouraging of Another Rate Cut
• ECB’s Stournaras: Tariffs Do Not Prevent Us From Cutting Again